CVS & Chase Bank in Middletown

1200 Hwy 35 South, Middletown, NJ

$15,433,495

Price

 
 
Overview
Description

PROPERTIES MAY BE PURCHASED SEPARATELY OR AS PORTFOLIO

CVS MIDDLETOWN, NJ
PRICE: $11,433,495
CAP RATE: 5.15%
Investment Highlights:
● 25-YEAR LEASE TERM: CVS has an initial 25-year lease term followed by 8, five-year renewal options that include a 10% rent bump at the start of each option period.
● NEW CONSTRUCTION: The new stand-alone store is currently under construction and anticipated to open for business and for rent to commence in March 2019.
● LOCATION: The Property is located on a corner parcel at the signalized intersection of the heavily traveled Route 35 at New Monmouth Road. The corner location offers excellent visibility and convenient access from both roadways.
● STRONG DEMOGRAPHICS: Over 56,000 people live within a 3-mile radius of the property with an average household income of over $132,000.
● HIGH TRAFFIC COUNTS: An average daily traffic count of over 31,000 vehicles per day pass the Property on Route 35 with an additional 11,300 vehicles passing daily on New Monmouth Road.
● RETAIL TRADE AREA: Additional prominent retailers attracting consumers to the trade area include T.J. Maxx, Bed Bath & Beyond, Livoti’s Old World Market, ShopRite, Sears, Staples, Petco, Rite Aid, Auto Zone, Applebee’s, Boston Market, Chuck E Cheese’s, Sonic, Wendy’s, McDonald’s, Bank of America and the adjacent brand-new Chase Bank (also under construction and available for purchase).

CHASE BANK MIDDLETOWN, NJ
PRICE: $4,000,000
CAP RATE: 4.25%
Investment Highlights
● 20-YEAR GROUND LEASE TERM: The Chase Bank ground lease has an initial 20-year term followed by 4, five-year renewal options. The bank is anticipated to open and the rent is anticipated to commence in March 2019.
● ATTRACTIVE RENT INCREASES: The high-credit ground lease includes 10% rent increases every 5-years and at the start of each option period providing the investor with an attractive hedge against inflation.
● LOCATION: The Property is located adjacent to a new CVS at the signalized intersection of the heavily traveled Route 35 at New Monmouth Road. The location offers excellent visibility and convenient access from both roadways
● PASSIVE INVESTMENT: The ground lease requires zero landlord responsibilities making it an attractive investment for the passive real estate investor.
● STRONG DEMOGRAPHICS: Over 56,000 people live within a 3-mile radius of the property with an average household income of over $132,000.
● HIGH TRAFFIC COUNTS: An average daily traffic count of over 31,000 vehicles per day pass the Property on Route 35 with an additional 11,300 vehicles passing daily on New Monmouth Road.
● RETAIL TRADE AREA: Additional prominent retailers attracting consumers to the trade area include T.J. Maxx, Bed Bath & Beyond, Livoti’s Old World Market, ShopRite, Sears, Staples, Petco, Rite Aid, Auto Zone, Applebee’s, Boston Market, Chuck E Cheese’s, Sonic, Wendy’s, McDonald’s, Bank of America and the adjacent brand-new CVS (also under construction and available for purchase).

Documents
Title
Investment Flyer
* Documents permissions are set by the listing owner, request information to access locked documents.

Location
Gallery